Home insurance generally needs to be in place by completion/possession — and definitely before the bank releases mortgage funds.
Developers must carry construction and decennial (10‑year) structural cover during and after the build, but your own buildings insurance is normally required from the date you take ownership/receive the keys (or the formal completion date in the contract).
What to do and what’s covered:
- Check your reserva/compra contract and your mortgage offer for the exact insurance start date required.
- Ask the developer/agent when legal completion (escritura) and handover occur.
- Arrange buildings insurance to start on the completion/possession date (and provide the bank a copy if you have a mortgage).
- Arrange contents/personal belongings cover to begin when you move in.
- Typical buyer “buildings” policies cover fire, water damage, storm, theft, third‑party liability and similar risks — they do not usually cover latent major structural defects caused by construction faults.
- Major structural defects are normally covered by the developer’s statutory guarantees (including the 10‑year decennial liability on serious structural faults) or by the developer’s decennial insurance; you should obtain confirmation and policy details from the developer.
- If you want certainty, ask the developer for proof of the decennial/structural insurance and ask your lawyer or gestor to confirm when your own policy must start and what gaps (if any) exist between developer cover and your cover.
For more information on home insurance policies available in Spain whether for a new build construction or older properties, please do not hesitate to contact us for impartial advice and/or a quote.
